Show to feature sunken treasure | Silver Coins

Show to feature sunken treasure

TreasureBy John Herzog

Many exciting coins will be offered for sale at the Wall Street Coin, Currency and Collectibles Show, Oct. 17-19 at the Museum of American Finance, 48 Wall Street, New York City. Some may well even be treasure coins.

The loss of any ship carrying gold and silver indirectly impacts trade, economies, wars, even kingdoms. Nonetheless, in contrast to the hundreds of ships lost at sea, the El Cazador had a particular mission to achieve and its loss had a straight unfavorable influence on the Spanish Empire, and a conversely good a single – by way of Napoleon Bonaparte – on the improvement of the nascent United States.

El Cazador (“The Hunter”) and the 450,000 freshly minted coins in its hold sailed Jan. 11, 1784, from Vera Cruz for New Orleans, and the then Spanish Louisiana. The process was to shore up the regional economy by retiring discredited Spanish currency, issued some 20 years earlier.

It by no means made it to New Orleans. The ship and all aboard, along with the transported treasure, were lost in the cold wintry seas, by no means to be heard from once again. This loss hastened the devaluation of the local currency and economy, and its value in trade negotiations between Spain and France. Spain was facing war with France and could not preserve the financially faltering Louisiana Territory. In order to steer clear of war, the pragmatic King Carlos IV of Spain ceded the territory to Napoleon.

Facing his personal problems, Napoleon sold the Louisiana Territory to President Thomas Jefferson for the sum of only $ 15 million. At three cents an acre, Jefferson far more than doubled the size of the United States, acquiring Arkansas, Missouri, Iowa, Oklahoma, Kansas, Nebraska, Minnesota west of the Mississippi River, a lot of North Dakota, almost all of South Dakota, northeastern New Mexico, northern Texas, the portions of Montana, Wyoming and Colorado east of the Continental Divide, and Louisiana west of the Mississippi River, which includes the city of New Orleans. Hence, the loss of the El Cazador and the events it triggered really altered the improvement of the United States on the planet stage.

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It wasn’t until about two centuries later, on Aug. two, 1993, that the mystery of the El Cazador would be solved. The wreck was found by Capt. Jerry Murphy aboard his industrial fishing boat, The Mistake. This was actually a fortunate turn of events. The coinage lost so lengthy ago has, more than the course of the final two decades years, been rescued and created offered to collectors and scholars.

Some of the coins are expected to be presented at the Wall Street Coin, Currency and Collectibles Show in October.

Organizer of the Wall Street Show, John Herzog is Founder of the Museum of American Finance and now its Chairman Emeritus. Obtaining spent his life in the economic services business, he is also a collector and has specialized in the financial instruments of the American Federal period, which produced the creation of the United States feasible. The Museum holds a significant portion of his collection and utilizes it in exhibits. For info: wallstreetbourse.com or (203) 292-6819.

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